Apple has dropped the maximum value for an iPhone exchange by $45 under its trade-in program, setting a new high limit of $225 in the US and Canada.

Apple, the renowned smartphone and tablet manufacturer, made some sly changes to its "Reuse and Recycle" program in the US and Canada. First spotted by iPhone in Canada and later confirmed by various news publications, the new limit for an iPhone trade-in is decreased to $225, down from its previous maximum trade-in value of $270. The change took place on Tuesday and is effective in both United States and Canada Apple Stores.

Apple first launched its product buyback program in 2011 in partnership with PowerOn. The program has since expanded beyond the United States and Canada to the UK, France, Germany and most recently to Italy. The trade-in value for iPhones is different for each phone based on the model, the condition of the device, the accessories and the carrier. In March, the Cupertino tech giant offered as much as $275 for an iPhone trade-in, this was for a high-end model in pristine condition. In August 2012, the company offered up to $345 for iPhone 4S, which was then the latest smartphone. But the new price change is the lowest the company has ever offered since the program's launch.

The new maximum trade-in value of $225 holds good for an iPhone 5 64GB model. Older models automatically get values lower than the upper limit. Despite the change, Apple's Reuse and Recycling online site is offering some iPhone 5 models up to $255. On selecting the iPhone 5 64GB model on Verizon's network, assuming the device is locked and in a neat condition, the estimated value by Apple's partner PowerOn was $255. It appears the change has not been updated on the online site or the value will be dropped to the new price after further evaluation.

Apple is still not accepting the latest iPhone 5S or 5C under its Reuse and Recycling program, but it is likely to change when the new iPhone model arrives this fall.

Apple's trade-in program has been criticized for its low price offering. Comparatively, third party sites like Gazelle, Craigslist and eBay offer better values for older phones. But these sites require your time and effort and Apple gives instant cash.